Seller About $30,000 Upside Down - Posted by Craig-SoMD

import · January 10, 2003, 9:14pm

Posted by Charles Clark on January 12, 2003 at 01:08:31:

That is why I said that if it is a friend, then you might help him out. if not wait until it becomes a F/C property.

import · January 10, 2003, 9:14pm

Posted by Craig-SoMD on January 10, 2003 at 22:14:08:

I know there is slim chance to make anything work out of this, but as a creative real estate investor, I want to take a shot at solving the problem anyway.

I have a guy that owes about $190,000 on a really nice house in great shape that really could sell for $155,000 to $160,000. He has about $130,000 on the first and $60,000 on the second, with payments of about $1700/m. He is a fairly well paid professional, but got into this mess as part of a divorce, etc., and is starting to struggle. He is behind just one payment.

He is willing to do anything that will work, including giving up the deed and or making payments on the excess, but I kinda hate being in a situation with that unsecured debt.

I figure if I can get the deed, there is some potential. I have been using lease options to sell at a premium with a committed buyer, so I see a possibility to make up the difference, but I am certain there are other ways to go with this.

If you know of ways to make this work effectively, I would like to hear them. Thank you.

Craig

import · January 11, 2003, 3:56pm

Re: Seller About $30,000 Upside Down - Posted by Charles Clark

Posted by Charles Clark on January 11, 2003 at 16:56:39:

Hi Craig,
There is a lender that has a “stated value” program. Is that what you are looking for? It of course takes a strong borrower. I do not know why you would not wait until the place goes into F/C and buy it for at a max of market value, unless he is a friend. I hope that others people reply to this post, as I am still learning.
Charles Clark

import · January 11, 2003, 10:50am

Re: Seller About $30,000 Upside Down - Posted by Bill

Posted by Bill on January 11, 2003 at 11:50:50:

Is the seller behind on the second? If so, how many months?

import · January 11, 2003, 4:48pm

Re: Seller About $30,000 Upside Down - Posted by Bill

Posted by Bill on January 11, 2003 at 17:48:01:

Charles, why would an investor be interested in acquiring any property at or near market value? I don’t understand.